Mumbai, July 15: ICICI Prudential Life Insurance today announced that its promoters, ICICI Bank and Prudential plc, have brought in additional Rs 100 crore capital, taking the equity base to Rs 525 crore.
In accordance with their respective 74:26 holding in the firm ICICI Bank has put in Rs 75 crore while the balance has been pumped in by Prudential plc.
With the fund infusion, it has become the first life insurance company to surpass the Rs 500-crore capital base mark.
The company has posted a 132 per cent rise in first premium income at Rs 70 crore for the quarter ended June 30, 2003.
The total premium income, including renewal premium, stood at Rs 97 crore for April-June. The company has sold about 4 lakh policies till June. The average premium on the regular policies has grown to Rs 16,000 from Rs 13,000.
Shikha Sharma, managing director and chief executive, said that the company would take another four to five years to break even.